Real Estate Act 1987 And Regulations on Realty enterprise

On the 1st September, 1988, the Jamaica Real Estate (Dealers and Developers) Act, 1987 came into operation.

Broadly speaking the two main objects of the Act are:

Kingston

1) The licensing, regulation and control of persons engaged in real estate company as real estate dealers or salesmen.

2) The regulation of dealings in Jamaican land in development schemes.

The Jamaica Real Estate Board

This Act, establishes the Real Estate Board which is the statutory corporation specifically created for administering the provisions of the Act. The status of the Board is such that before the clergyman makes positive Regulations he is required to consult with the Board. This body, while possessing wide powers in relation to its various functions, like any other statutory body must act within the normal provisions of the law and paiticular1y agreeing to terms of the relevant Act.

The program to the Act prescribes the Board's constitution and operating procedure. It outlines the functions, duties and responsibilities of the Board and requires the board to give list of its activities.

Decisions of the Board are not necessarily final and conclusive and positive decisions concerning registration of dealers, salesmen and developers are branch to request for retrial to the Court of Appeal.

The Board is required to afford to every applicant under the Act an opportunity to be heard if refusal of the application is being considered, the role and powers of the Board's Inspectors are discussed below.

Inspectors

Matters relating to the appointment and powers of real estate inspectors as it relates to monitoring.

The powers of inspectors are fairly wide consisting of power to

(i) wish information

(ii) wish the yield of documents

(iii) Enter and crusade premises, branch to warrant

These powers must be exercised in a inexpensive manner and it will be observed that the Act:

1) Allows time for requested data to be supplied

2) Requires that there be inexpensive grounds before an Inspector directs yield of document

3) Requires an Inspector to furnish his identification card on request

4) Makes a certify issued by a Justice of the Peace a pre-condition for entry to premises.

It should be noted that Inspectors act not on their own behalf but as representative of the Board in order to ensure compliancy with the provision of the Act and sustain the Board with the removal of its functions.

Regulation of Real Estate Business

Nature of Real Estate Business

Describing what is meant by "the practice of real estate business" for the purposes of the Act. An comprehension of this is leading because the control of asset company is one of the main purposes of the Act. This means that not everybody can get up and begin advertising homes for sale in Kingston Jamaica.

The practice of realty company involves the carrying out of a estimate of land-related activities on another's behalf in change for some form of bonus or benefit (monetary or otherwise) that is, compensation or considerable consideration. Not all categories of such activities are necessarily regarded as Jamaica asset company under the Act and it excludes positive categories of persons from necessarily advent within the scope of the Act, briefly these are:

1. Attorneys (that is, persons conferred with power to act under a power of attorney)

2. Attorneys-at-law acting within the scope of their profession

3. Court officers

4. Persons with positive duties concerning Jamaica property, for example, administrators (of estates of deceased persons), executors of wills, receivers (for example, in relation to companies), trustees.

5. Persons dealing with land which they partly own

6. Other communal officers carrying out their legal duties

7. Construction managers as regards rental of units in the relevant complex.

Real Estate Act 1987 And Regulations on Realty enterprise